Hays, KS Housing Market

Market Overview

Hays, KS presents as a moderate housing market, with a PropertyIQ Score of 73 out of 100. The score is supported by several top drivers: 12-month home value momentum of 6.57%, 3-month home value momentum of 0.40%, a median days on market of 60 days, and a share of listings with a price cut at 15.6%. These metrics suggest a market that has experienced recent price growth but is now settling into a more balanced pace. The median home value in Hays is $245,967, which is slightly below the Kansas state average of $249,603. The rent index is $915, well below the state benchmark of $1,060, and the unemployment rate is 3.8%, matching the state average. Median household income is $63,084, notably lower than the state average of $74,275.

While the score of 73 indicates generally healthy conditions, the comparison to state benchmarks reveals a market that is more affordable in raw home prices but also has lower income and rent levels. The year-over-year home value change is -$4, which is essentially flat and does not signal a sharp correction. Inventory stands at 82 homes for sale, which combined with a median of 60 days on market, points to steady but not frantic activity. Population growth data is not available, so demographic-driven demand cannot be directly assessed.

Key Trends

One clear trend is that home value momentum remains positive over the past year but has slowed recently. The 12-month momentum of 6.57% is a top score driver, indicating that Hays homes have seen positive price movement over a longer window. However, the 3-month momentum is only 0.40%, and the median home value year over year is down $4, suggesting that appreciation has flattened or paused in the near term. This pattern points to a cooling from earlier price growth rather than an accelerating market.

A second trend is balanced but not overheated inventory dynamics. With 82 homes for sale and a median days on market of 60 days, homes are moving at a moderate pace. The share of listings with a price cut is 15.6%, meaning roughly one in six listings has reduced its asking price. That level is not extreme, but it does indicate sellers in some segments need to adjust to attract buyers.

A third trend is the gap between local affordability and state benchmarks. Hays’ median home value is about $3,600 below the state average, but median household income is roughly $11,200 below the state average. This means the typical local household may not feel as much purchasing power advantage from the lower home price as the raw comparison suggests. At the same time, the rent index of $915 is about $145 below the state average of $1,060, reflecting lower local rental costs and potentially lower rental income for investors.

A fourth trend is employment stability in the absence of population data. The unemployment rate of 3.8% matches the Kansas average, which supports housing demand from a labor-market perspective. However, population growth is listed as N/A, so it is unclear whether Hays is adding households. This missing data point limits the ability to assess long-term demand momentum.

Who Is This Market For

This market is well suited to first-time buyers and budget-conscious owner-occupants who can take advantage of a median home value below the state average. The moderate days on market of 60 days and a price cut share of 15.6% suggest there may be room for negotiation without the intense competition found in hotter markets. However, buyers should note that median household income in Hays is also below the state average, which may affect how far local incomes stretch relative to home prices.

Investors may find Hays attractive for its stable unemployment rate and recent 12-month home value momentum of 6.57%, which points to some appreciation potential. The lower entry price relative to the state could support cash-flow strategies, but the rent index of $915 is well below the state average of $1,060, meaning rental income may be more limited than in higher-rent Kansas markets. Move-up buyers may encounter a relatively small inventory of 82 homes for sale, so selection could be limited, but the overall price level and moderate market pace offer a more predictable environment than a rapid-appreciation market.

Outlook

The most supportable near-term outlook for Hays is one of stability with modestly cooling price momentum. The 12-month home value momentum of 6.57% is a positive signal, but the 3-month momentum of 0.40% and the essentially flat year-over-year median home value change of -$4 indicate that sharp price gains are not currently showing in the data. With a median of 60 days on market and 15.6% of listings seeing price cuts, buyers and sellers appear relatively balanced. The unemployment rate matching the state average at 3.8% provides underlying support, but the lower median household income and missing population growth data suggest that strong upward price pressure is not clearly supported. Absent new data on population or income growth, Hays is likely to continue as a moderate, steady market rather than one experiencing rapid appreciation or decline.